To locate your 401(k) information on your W-2 form, look for a section labeled “Retirement Plan.” Within this section, you should find a box titled “Code D,” which represents 401(k) and 403(b) contributions. The amount reported in this box shows the total amount you have contributed to your 401(k) plan during the year. It is important to note that your 401(k) contributions are deducted from your pre-tax income, which means they are not included in your taxable income.
Where to Find 401k Contributions on Your W-2
Your W-2 form provides a detailed summary of your earnings and taxes for the year. It’s important to have a clear understanding of what the different sections of your W-2 represent, including where to find information about your 401(k) contributions.
Box 12a: Code D
401(k) contributions are typically reported in Box 12a of your W-2, with the code “D.” This box shows the total amount of elective deferrals you made to your 401(k) account during the year. Elective deferrals are contributions that you choose to make from your paycheck before taxes are taken out.
Here’s an example of what you might see in Box 12a:
- Box 12a: $5,000
- Code: D
In this example, the employee contributed $5,000 to their 401(k) account during the year.
Other Boxes to Check
In addition to Box 12a, there are other boxes on your W-2 that may be relevant to your 401(k):
- Box 12b: Code E – This box shows the total amount of employee contributions, including any catch-up contributions or Roth 401(k) contributions.
- Box 12c: Code F – This box shows the total amount of employer contributions to your 401(k) account.
Table Summary
| Box | Code | Description |
|—|—|—|
| 12a | D | Elective Deferrals (Employee Contributions) |
| 12b | E | Total Employee Contributions |
| 12c | F | Employer Contributions |
Employer Contributions
Employer contributions to your 401(k) plan will be included on your W-2 form in Box 12, with code “D” in the corresponding box above it. You may also see employer contributions reported in Box 14, with code “E” in the corresponding box above it. These contributions are not included in your taxable income, reducing your overall tax liability.
- Box 12, Code “D”: Traditional 401(k) contributions made by your employer.
- Box 14, Code “E”: Roth 401(k) contributions made by your employer, which are not taxed until withdrawn during retirement.
| Box | Code | Description |
|---|---|---|
| 12 | D | Employer contributions to traditional 401(k) |
| 14 | E | Employer contributions to Roth 401(k) |
Pretax Deductions
Pretax deductions are contributions to certain retirement savings plans and other accounts that are made before taxes are calculated. These deductions reduce your taxable income, which can save you money on taxes. 401(k) contributions are one type of pretax deduction.
- 401(k) contributions are made on a pretax basis, meaning that they are deducted from your paycheck before taxes are calculated.
- This can save you money on taxes because you are paying taxes on a smaller amount of income.
- The amount of your 401(k) contribution that is deducted from your paycheck is shown in Box 12 of your W-2 form.
| Box | Description |
|---|---|
| 12 | Code D: 401(k) and other qualified plans |
If you have made pretax contributions to a 401(k) plan, you will need to report this income on your tax return. You can do this by completing Form 1040, U.S. Individual Income Tax Return.
Payroll Records
To determine the 401(k) contributions listed on your W-2, you’ll need to consult your payroll records. Here’s how to find the relevant information:
- Check your pay stubs: Your pay stubs should include a breakdown of your earnings and deductions, including any 401(k) contributions made by you or your employer.
- Obtain a year-end pay summary: Many employers provide their employees with a year-end pay summary that includes a comprehensive overview of their earnings and deductions for the entire year. Look for a section labeled “401(k)” or “Retirement Savings.”
- Contact your payroll department: If you cannot locate the information in your pay stubs or year-end pay summary, reach out to your payroll department. They can assist you in obtaining the necessary records.
Once you have obtained your payroll records, you can refer to the following table to identify the specific box on your W-2 where your 401(k) contributions will be reported:
| Box Number | Description |
|---|---|
| 12a | Code D – 401(k) and/or designated Roth account contributions |
| 12b | Code E – After-tax 401(k) contributions |
| 12c | Code F – Other |
Well, there you have it, folks! Now you know exactly where to find your 401(k) information on your W-2. Remember, this little piece of paper contains a treasure trove of financial data, so be sure to give it a thorough once-over before tossing it in the trash. And hey, if you’re still curious about other tax-related tidbits, be sure to swing by again later. We’ve got plenty more where that came from!